The global clinical laboratory services market is extremely
fragmented on account of the presence of a large pool of both
regional as well as international players. Leading players are
extensively investing their money in order to facilitate automation
as well as for including technologically-advanced tests. Players are
also striving to expand their existing capacities in order to serve a
larger customer base. One of the key strategies adopted by leading
players is through expanding their reach by strategic mergers and
acquisitions which is anticipated to make the market somewhat
consolidated, states Transparency Market Research (TMR) in its latest
research report. The names of a few players within the global
Clinical Laboratory Services Market are SYNLAB International GmbH,
Charles River Laboratories International Inc., Sonic Healthcare,
Genomic Health Inc., NeoGenomics Laboratories Inc., Fresenius Medical
Care, UNILABS,Laboratory Corporation of America Holdings, Quest
Diagnostics Incorporated, and Eurofins Scientific.
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According to TMR, the market for clinical laboratory services will be
worth US$361.3 bn by 2025. On the basis of type of test, the clinical
chemistry test is leading in terms of demand and is anticipated to
continue to do so throughout the forecast period. In terms of service
provider, the stand-alone laboratory segment is leading in the market
at present. However, fastest growth rate will be witnessed by the
hospital based laboratory segment in the years to come.
On the basis of geography, North America is currently leading and is
expected to continue to do so through 2025, driven by high incidence
of lifestyle diseases and increasing investments from both public and
private sector for a superior healthcare infrastructure. Asia Pacific
on the other hand is anticipated to expanded the fastest CAGR of 8%
between 2017 and 2025, fuelled by the growing incidences of
infectious diseases as well as the high population in this region.
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“Rising awareness regarding disease diagnosis, prevalence of
various lifestyle diseases, and a high incidence of seasonal diseases
are the top three factors behind the growth of the global clinical
laboratory services market”, says the lead author of this report.
Increasing prevalence of infectious diseases is also another factor
behind the growth of this market. Advanced technology, heightened
demand for quick results, and innovative testing methodologies are
expected to fuel the growth of the global clinical laboratory
services in the years to come. The rising awareness about the
availability of tests which can help diagnose air conditioner and the
advantage of early detection is also helping this market to grow at a
rapid pace.
In addition to all these factors, the increasing funding by
government in order to modernize laboratory services as well as the
increasing spending capacity of people worldwide on healthcare, and
the rising geriatric population will ensure that the global clinical
laboratory services market expands at the healthy pace between 2017
and 2025. On the other hand, the lack of awareness in underdeveloped
nations regarding the importance of diagnosis and prevention of
diseases is anticipated to restrict the growth of this market to a
certain extent.
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However, this situation is changing rapidly and even the
underdeveloped nations are becoming lucrative markets for clinical
laboratory services. A lack of infrastructure and a lack of expert
doctors in developing nations are two important factors which are
hampering the growth of this. In addition to these factors, stringent
regulations will slow down the growth of the clinical laboratory
services market.
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